Aussie home buyers are racing against the clock

Three-quarters of Australian home buyers believe that they have less time to make a property purchasing decision now than they did five years ago, a TicToc survey has found.

According to the research by the instant home loan fintech, 73 per cent of Australian home buyers felt pressed for time when looking to purchase property.

The results were gathered from a panel of 1,000 Australians nationwide who have purchased property in the last three years.

The research also revealed that 44 per cent of the respondents purchased a property, or know of someone who did, on the same day of the inspection; 29 per cent made an offer before the auction date; 46 per cent made an offer before the property was inspected or before a strata or post-report was completed.

TicToc Home Loans founder and CEO Anthony Baum said that despite reports of a slowdown in the housing market, the fast-paced purchasing decisions of buyers were likely to continue.

“Regardless of whether the property market price growth slows down further, the last few years have changed vendor and agent expectations and, in turn, made an impact on the buyer experience,” the CEO said.

“I can’t see the accelerated pace between choosing a property, making an offer, having it accepted and exchanging contracts slowing down anytime soon.

“Australians need faster home loans to keep up with the market. Now more than ever, buyers can’t afford to wait 22 days to have their home loan approved; they are expected to act immediately to avoid missing out to the next person in line.”

When comparing data between states, panelists from NSW (82 per cent) were most inclined to believe that the purchasing process is faster now than it was five years ago.

The survey also included respondents from different age demographics; however, there was no indication of a significant statistical disparity between the groups.